With the new COVID variant, will student loan repayment be extended beyond Jan 31, 2022? Student Loans |
- With the new COVID variant, will student loan repayment be extended beyond Jan 31, 2022?
- Looking for advice. 33 yo single mother.
- Are you worried about your mortgage payment once student loan payments start back up?
- Best way to clear a student loan
- MSW, lump sum toward federal direct loan/PAYE
- Last Semester of College with No Support
- PAYE vs Standard Repayment
- credibile/splash financial vs companies they set you up with
- Private loan without income?
- 70,000 in student loan debt
- Does anyone know the income level for income based repayments of $0 monthly?
| With the new COVID variant, will student loan repayment be extended beyond Jan 31, 2022? Posted: 27 Nov 2021 06:37 AM PST The data show that 90% plus will struggle to make payments as of Feb 1, 2022- so with the new variant lurking, can we expect any further extension in deferment? My gut feeling is no, because it's a joke if you think the government actually cares about anyone but themselves [link] [comments] |
| Looking for advice. 33 yo single mother. Posted: 27 Nov 2021 09:45 AM PST I originally borrowed $97k (yes, bad) because I was single w a toddler through much of undergrad/grad school, graduated in 2019. I am a therapist and am currently earning like 53k because I went part time to do more school and was dependent on a partner to some extent. My partner was a very high earner so for a time I honestly didn't worry about these things bc I anticipated being together for a long time. We've broken up, and I am looking for advice on how to tackle these. I would like to pay down ASAP to own a home and be done throwing money in someone else's pocket. Threw about 20k at loans and have paid some off, but it seems like it barely made a dent.
I can work in nonprofit, or switch to schools, if needed for forgiveness; but my salary will be much, much better on the medical side of my field (53-60k vs ~80k). I am not really qualified to work for a nonprofit hospital and those salaries around 70k in my area. I don't want to sacrifice the higher salary and "deep sacrifices" are not really easy as sole provider for a child. I figured I'd get on income based repayment but I don't understand which plan is the best in this scenario. Not sure where to start and how to maximize my ability to buy a house. Thanks for any advice you can provide. [link] [comments] |
| Are you worried about your mortgage payment once student loan payments start back up? Posted: 27 Nov 2021 11:02 AM PST I'm genuinely curious. Are you a new homeowner that purchased a home during the student loan payment pause? If so:
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| Best way to clear a student loan Posted: 27 Nov 2021 12:17 AM PST Hello, I wanted to ask some questions and see what you guys thought or could give me advice. Heres a little background and I can give you more if needed. Basically I have been neglecting my student loans. I dropped out as a junior and went to a fairly expensive school. At first I just didn't know how student loans worked as a first generation student and didn't know the difference between loans and grants. Long story short I ended up with maybe 25k in student loan debt. I never took care of it, it finally caught up to me after working a job for a long time and they were garnishing my wages. This went on for a year i think I paid like 10k on it. I had a few tax returns taken by the government because of student loans as well maybe 1-2k. I finally saved up enough money to pay it off. But when my buddy who was a loan officer looked they said I still owed 22k. I have 22k to pay it off do I just call them and pay it? Or can I negotiate for a lower amount? Is there a way I can see all the payments I have made? I'm sick of student loans hanging over me and I want to get rid of it all together. In case it clarifies it my loans are in default. [link] [comments] |
| MSW, lump sum toward federal direct loan/PAYE Posted: 27 Nov 2021 09:49 AM PST Hi all, I'm looking for advice on making a lump sum payment toward my student loans. I graduated with my MSW this year and currently have around $54,000 in federal direct loans. The breakdown is as follows: $13,159 at 7% $20,449 at 6% $20,500 at 4.3% I have no interest on these loans right now, since I took out most of my loans during the COVID pause on interest. I'm currently working for a nonprofit making $50,000/year, but I expect my income to jump when I enter private practice in ~5 years and to continue growing. Because I expect to move into private practice, I'm not looking into PSLF (though I might still fill out the paperwork, on the off-chance there's partial forgiveness in the future). I recently came into an $11,000 inheritance, and I am debating applying it to the 7% loan before interest/payments resume in January. I am also debating dipping into my brokerage account to cover the rest of the 7% loan (around $2500), and just have the two lower-interest loans to worry about. Currently, I don't make enough money to cover the standard 10-year plan monthly payments, due to putting money into my Roth IRA and other savings. (The loan simulator, which doesn't seem super accurate, puts the standard payments at $550/month, or $400/month if I were to make the $13K lump sum payment.) So, I was planning to sign up for PAYE, where my payments would start at ~$200/month. My question is: does this plan make sense? I'm not sure exactly how my income will change (only that I expect it to be higher in the near future), but I think it's possible (though not sure how likely) I'd end up paying off the loan during the 20-year PAYE period, and not having much (if any) forgiven. So it feels like it could make sense to pay a big chunk now. I appreciate any thoughts/things I'm missing - thanks in advance! [link] [comments] |
| Last Semester of College with No Support Posted: 26 Nov 2021 03:44 PM PST Hello /r/studentloans, I have been fortunate to have my mom, dad, and grandpa even, pay for my tuition in some capacity until next (my last) semester. I am meeting my schools financial aid next week to discuss but I am kinda freaking myself out because I'll need about $40k in loans for next semester (I know a very expensive school fml). My parents are divorced and my dad is somewhat unreliable so filing for financial aid has always been a bit of a hassle if not impossible some years. I already have applied for FAFSA in the past, I'm 23, but I besides that I have absolutely no idea on where to go or what to do. As I said I'm meeting with my financial aid office but I really want to come prepared so I can understand the conversation there and maybe come with questions. Is it even possible to get loans on such short notice this time of year? Where would I get private loans … I've read around this subreddit and online and I've come up with Sallie Mae and Ascent for private student loans. I've been lurking the subreddit for a little but many posts I've read are old and I'm afraid some information is outdated. Any and all help is appreciated. [link] [comments] |
| Posted: 26 Nov 2021 10:50 PM PST Hi. I'm sure this question has come up in the past but I haven't noticed it before so hoping I can get some advice. If it sounds like I know nothing about students loans, it's true. Skipping right to the point, my understanding is that on PAYE, the payment amount is:
Fast-forwarding here, I'd like to link a relevant comment by /u/horsebycommittee that I'm taking somewhat out-of-context:
So, assuming here that:
If I remain on PAYE under these circumstances, will my monthly minimum payment amount remain "never more than the 10-year Standard Repayment Plan amount" relative to what that amount was when I first entered repayment? If so, it seems like although I may have initially had a lower income-based payment on PAYE vs the Standard plan, i.e., back when I had a lower AGI.. at some point, as my income increases and more and more of the individual loans are paid off, the minimum payment on the Standard plan would decrease to below the minimum payment on PAYE. In that case, to give myself the highest level of short-term flexibility to allocate extra payments (or not, if I choose not to), it would be in my best interest to switch to the Standard plan. Or, do I have this wrong? Thank you for any advice. P.S., additional details:
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| credibile/splash financial vs companies they set you up with Posted: 26 Nov 2021 04:05 PM PST I was just wondering when you guys get ur rates from sites like credible or splash financial do you guys go with the bigger marketplace sites or go to the site that gave you the rate and get it from there to get rid of the middle man? [link] [comments] |
| Posted: 26 Nov 2021 07:56 PM PST Hi! In a tough spot because I need a private loan to supplement living costs for my university, federal unfortunately can't cover everything, however my family isn't willing/able to co-sign anymore. I have good credit and a few years of credit history, but when I was looking at student loans, a lot require income to be approved? As a student I haven't worked more than part time, so proving 35K/year of income (required by earnest, as one example) is not possible for me. I know I can't be the only person in this situation, I don't know anyone with that much income as a student. Does anyone know if the income is a complete deal breaker? Or of any private loans that will let me sign for myself without that level of income, but with good credit? Thanks! Edit: one of my parents has income and is willing to co-sign, but has poor credit. If my credit is good but I just don't have the income, would having them as a co-signer work? [link] [comments] |
| Posted: 26 Nov 2021 07:07 PM PST No job, lost money in stock investment, lost money by woman etc. I just need to rant, i can't pay off my debts and inflation is rising, a new covid variant just arrived ( more will appear of course), Iran is getting a nuke soon, Ethopia is collapsing, aka my international investment will be going down soon. I am lonely and have no purpose, and the debt won't stop ballooning. IF YOU THINK YOUR LIFE SUCK.... I EXIST :) So don't give up unlike me. [link] [comments] |
| Does anyone know the income level for income based repayments of $0 monthly? Posted: 26 Nov 2021 05:16 PM PST Would be helpful to know more info. I am currently in the in-between year of applying for grad school from my undergraduate, and I have been working my barista job that I have had since starting college (coming from a family with little capital and first generation college student), so my income is very limited but payments are supposed to start in January [link] [comments] |
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